All Forum Posts by: Michael J. Lemus

@Jason Runkel Great advice Jason. Thank you.

@Drew Sygit I'm not opposed to the idea. It's just that my area is extremely expensive. Median home value around here is ~$1 Million. I feel like not too many investors around my area would be that interested in a newbie who can only contribute ~$100K. But hey, I'll keep my eyes peeled and ears open.

@Gino Passante Thanks for the tip and the offer Gino! I'll get to work looking into those areas and possibly send you a message.

@Patrick Snyder Thanks for the heads up Patrick. Detroit is an area I'm been thinking about for a while. I'll look into it some more.

@Kerry Noble Jr Sounds good! I'm always interested in making new connections!

@Calvin Ozanick Thanks for the tip Calvin. I'll check out Rock County. Don't know much about Wisconsin but maybe I'll just have to change that.

@Sam Amin Thank you for the offer Sam! I really like Detroit and I think it has a lot of potential. I'll look into this some more.

@Scott Swanson , Good advice. Yes running the numbers are something I feel comfortable with. In theory anyone should be able to plan for materials, inspections, holding and closing costs, taxes, ect. in just about any area, given they take their time and really learn the market they're looking at. Like you said though, it's finding good deals that's the hard part. Many homes are indeed selling for prices that just don't allow for an ideal amount of profit after all expenses and effort. I'll keep looking though. Can't give up before even getting started! :)

@Jake Thomas , That's good to hear. I really like GR and it's nice to know that it's future is looking bright. I'll keep GR in mind and touch base with you if I have any questions. Thanks for the offer.

@Account Closed , I appreciate the reality check David. Also, that first paragraph gave me a pretty good laugh. I know the market in general is pretty tough right now but are there any areas you might recommend just off the top of your head for doing a sound deal similar to one I described (or a purchase price below $100K with the potential for at least $15K profit after rehab and all other expenses)? Do you own anything outside MI?

@Sean Sloop , Noted. Seems like everywhere I'm currently looking is a bit pricier than I imagined. I'm not opposed to raising my budget, and it appears as though I'll likely have to, but obviously I'd like to keep it as low as possible as I don't really want all that cash tied up in one deal for too long. Thanks for the advice Sean!

Any of you guys do any investing in Indiana? Do you know if the situation there is pretty similar to MI?

@Connor Anderson , Thanks for the tip on those locations Connor. Lansing was also another area I was looking at. I'll check out the others.

@Jake Thomas , Thanks for the advice Jake. Do you think Grand Rapids will continue to see more growth in the near future? I don't have the latest data, but the numbers from the past decade seem so show the population growth as pretty stagnant. What sort of new jobs are you seeing being created?

@Steven Foster Wilson , Thanks for the tip Steven. Merion and Hungarian Village + Reeb-Hosak are areas I've also heard being mentioned. I'll check them out!

@Remington Lyman, Thanks for the info!

@Noah Chappell , Thanks Noah! I have read David's book and it's been a great resource helping me narrow down what it is I'm looking for in a prospectful property (I've got sticky notes peeking out of the book all over the place); same with J. Scott's books. I also think you're advice on choosing an area that you really like is very important. That's not to say that a person should get attached to any one place or property in particular - if the numbers don't work then they don't work - but I think that there's still a lot to be said for gut feelings. If you don't like an area, even if the numbers work on paper, then chances are other people might feel the same way. For sure, due diligence is key.

@Account Closed, Thank you for the kind words Troy. I'll send you a message!

@Darius Ogloza , That's not exactly the gameplan I have in mind but I get you're point. A $75k purchase, $25k repair, and $150k sell is an ideal, which also doesn't account for other costs. I used this as an example of what my hopes are but I realize that reality exists too. Nevertheless seeing if something similar to a deal like this is doable in these areas is part of the purpose of this post and I think a necessary question and a fair starting point.

@Zeke Liston , Thanks for the heads up Zeke. Columbus has definitely been on my radar. I know the market is pretty hot over there right now but hopefully that's where an all cash offer might come in extra handy, especially for a distressed home. I've heard the names Franklinton, Milo-Grogan, and Southern Orchards being thrown around a lot. Do you have any neighbourhoods that you'd recommend taking a look at?

I worked in commercial construction for a few years (roofing, foundation, plumbing, building envelope stuff, ect.) but I'd still consider my personal skills to be somewhat basic. I currently work in property management in the self storage industry.

I feel confident enough to do a flip when it comes to physical assessment/repair and working the numbers, but ya like you said, I don't know the Midwest area and don't currently have any connections there, so my location knowledge is something I'm trying to improve on. I know my own area very well, but unfortunately $700k is the low end for this and neighbouring counties and I don't know anyone buying for that amount. Out of state still seems like a good option to me. $100k is what I'm comfortable contributing and I think that'd go much further outside of California.